Charlotte Home Prices Drop, US Existing Home Sales Jump

According to the Charlotte Business Journal, Charlotte-area home prices drop 3.4% and existing US home sales jump 10%.
The following are two excerpts from articles about each of these subjects:

Charlotte-area home prices drop 3.4%

“Homes prices in the Charlotte market fell 3.4 percent in August from a year earlier, according to the Standard & Poor’s/Case-Shiller Home Price Index. And August’s local prices dipped 0.4 percent from the July level, the report says.

The year-over-year price drop was the third-largest among the 10 U.S. cities that posted declines. The local downward trend runs counter to S&P/Case-Shiller’s overall national index of 20 cities, which saw a 1.7 percent price increase in August from a year ago.”

Read more: Charlotte-area home prices drop 3.4%

Existing-home sales jump 10%
“Sales of existing homes in the United States jumped in September, though they remained lower than year-ago levels.

The National Association of Realtors says sales of existing single-family houses, townhomes, condos and co-ops rose 10 percent from August to September — the biggest monthly gain in nearly 28 years.

But compared with a year ago, existing-home sales nationwide were down 19.1 percent in September.

Still, the Realtors’ group says the housing market is in the early stages of recovery.

“A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium,” says Lawrence Yun, NAR chief economist. “But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions.”

Distressed-home sales accounted for 35 percent of all sales in September, up from 34 percent in August.

Sales in the South rose 10.6 percent in September. That region includes the Carolinas but also stretches from Delaware to Florida, under the association’s reporting system.”

Read more: Existing-home sales jump 10%

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